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January 12, 2015

Bisha Mining Delivers Top End of 2014 Production Guidance

2014 HIGHLIGHTS

  • Exceeded 21.6 million hours without a lost time injury (now over 3 years without an LTI)
  • Produced 196 million pounds of copper in concentrate against guidance of 180 to 200 million pounds
  • Executed a successful 27,300 metre exploration program
  • Progressing zinc expansion – on time and on budget

 

Q4 2014 HIGHLIGHTS

  • Produced 53 million pounds of copper
  • Fourth successive quarter of copper recovery increases
  • Improved Q4 2014 waste mining tonnage and daily milling throughput rates
  • Successful exploration results at Harena

 

Bisha Mining Share Company (BMSC) is pleased to confirm strong Q4 2014 production results which ensured we achieved our 2014 annual production guidance.   BMSC has previously announced drilling results in the largely underexplored Bisha VMS district.

A summary of the Company’s quarterly and full year operating results follow:

Q4 2014

Q3 2014

Q2 2014

Q1 2014

2014 Year

Mining

Ore mined, tonnes

617,000

481,000

697,000

487,000

2,282,000

Waste mined, tonnes

3,380,000

2,707,000

2,719,000

3,471,000

12,277,000

Strip ratio

5.5

5.6

3.9

7.1

5.4

Milling

Ore milled, tonnes

573,000

477,000

386,000

353,000

1,789,000

Copper feed grade, %

4.9

6.3

6.6

6.1

5.9

Processing

Recovery % of copper

85.7

85.6

84.6

83.5

85.0

Copper in concentrate, mlbs

52.5

56.4

47.4

39.7

196.0

Copper in concentrate, tonnes

23,800

25,600

21,500

18,000

88,900


Cliff Davis, BMSC Chairman, commented, “We are very pleased to have delivered on our 2014 guidance.  The entire operating team at Bisha managed the transition to copper very well and they have delivered an incredible first year of commercial copper production.  It was critical to ensure we maximized the high-grade phase of the supergene ore in 2014.  With a solid year of operating experience in the copper phase under our belts, we are poised for a strong 2015.  We were very pleased to see higher mining and milling rates during Q4 2014 which give confidence throughput rates can increase when feed grades gradually decline.”

Forward Looking Statements: The above contains statements regarding copper production, mine operations, process recoveries. Forward-looking statements are frequently, but not always, identified by words such as “expects,” “anticipates,” “believes,” “intends,” “estimated,” “potential,” “possible” and similar expressions, or statements that events, conditions or results “will,” “may,” “could” or “should” occur or be achieved. Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors.  The Company’s forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made and the Company assumes no obligation to update such forward-looking statements in the future.

Bisha Mining Share Company

“Cliff T. Davis”

Cliff T. Davis
Chairman